Citi credit card balance transfer guide

7 August 2018

Reduce your credit card debt and save on interest costs with a balance transfer to Citi.

If you’re struggling to make a dent in your debt, then it might be time to consider a balance transfer. When you move your debt to a card with 0% on balance transfers for a promotional period, you can clear your debt faster and cheaper without the burden of interest costs.

Citi is one of many Australian financial institutions that offers new cardholders a bunch of interest-free balance transfers options.

If you want to get your debt under control, you can use this guide to weigh up the benefits against the costs and use our step-by-step guide to doing a balance transfer with Citi.

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How to compare balance transfer credit cards from Citi

Citi usually offers more than one balance transfer credit card at a time, so here are some of the factors you can consider to narrow down your options:

Length of 0% offer. Some interest-free offers may last for 6 months, while others can last up to 26 months. The length of the balance transfer promotional periods will vary, so you can compare your current offers in the table above or on the Citi website. You should choose a balance transfer card that gives you enough time to pay your entire balance in full before the revert interest rate applies.

Balance transfer fees. You may be charged a balance transfer fee when you first move your balance. This is usually a percentage-based fee of around 1% up to 2.5%.

Annual fees. While some cards come with $0 annual fee, other Citi credit cards charge annual fees that can reach tens or hundreds of dollars. Make sure that this annual fee doesn’t eat into the savings you’re getting from the interest-free offer.

Revert rates. If you can’t pay off the debt before the end of the promotional period, the remaining amount will start collecting the standard cash advance rate. This is usually higher than 20%, so it’s wise to pay off your debt before this applies.

Transfer limits. You can transfer a minimum of $500 and up to 80% of your approved credit limit to a Citi credit card. If you had a card with a $20,000 credit limit, this means you could transfer up to $18,000. Make sure that your new card can support your entire debt, otherwise the remaining amount will stay in your old account to collect interest.

Eligible debts. You can transfer debts from Australian non-Citi loans, credit cards and store cards to a Citi credit card. Most Australian card issuers don’t accept balance transfers from loans, so this is a point of difference for Citi cards.

Eligible banks. You can’t transfer debts from other Citi credit cards to a new Citi card. This doesn’t include debts from cards issued by a financial instituted that is affiliated with Citi. You can compare banks you can and can't transfer between on finder.

How to apply for a Citi balance transfer

Once you’ve researched your options, you can apply for a balance transfer online. As long as you’ve met the eligibility requirements and prepared the necessary information, the application shouldn’t take longer than 10-15 minutes to complete.

The eligibility requirements will vary from card to card, but some of the criteria you can expect may include:

Age requirement. You must be at least 18 years old to apply for any credit card in Australia.

Credit rating. You need a good credit rating to receive approval.

Residency. You must be an Australian permanent resident.

Minimum income. You may need to make a minimum taxable annual income to apply for the card.

Some of the details you'll be asked to provide include:

Proof of identity such as your driver’s licence number or passport

Your net (after-tax) weekly income

Details of your income, assets, savings and investments

Liability details including any other credit cards, store cards or personal loans

The application process in 5 steps

1. Choose a credit cardOnce you’ve compared your options and are applying through finder, you can select the Citi card you wish to apply for by clicking on the "Go to Site" button in the comparison table or on the relevant card review.

2. About youYou must provide contact details including your full name, mobile number and email address. In the next step, you’ll need to list personal information including your current residential address, your proof of identification (whether your driver’s licence or passport), employment status and annual gross salary.

3. Work and financesIn the next section, you'll be asked to provide the following information:

Marital status and any details of any dependents.

Employer information including the industry you work in and your employer’s contact information.

Financial information including your share of monthly living expenses, combined credit limits and details of any other loans you may have. You’ll also need to nominate a credit limit increase. Remember that you can only transfer up to 80% of your approved credit limit when nominating your preferred amount.

4. Balance transfer and additional optionsHere you can nominate that you’d like to sign up for a balance transfer. You’ll be asked to provide the name of your current card issuer, the amount you’d like to transfer and the account name. You can also nominate any additional cardholders you’d like to add to the account here.

5. Upload documents This is where you’ll be asked to upload copies of any supporting documents, so make sure to have these prepared to ensure a smooth application process.

When you’ve finished filling out the application, make time to look over it again to double check that you’ve provided all of the correct information and uploaded all of the necessary documents. Once you submit your application, you can’t retract it and it will leave a mark on your credit file.

If you’ve provided all of the necessary information, you should receive a response regarding the status of your application within 60 seconds. You can then usually expect the balance transfer to complete and the debt to appear in your new account within up to 10 business days. Once the balance appears in your account, it’s up to you to contact your old card issuer and close the account if you wish.

Applying for a balance transfer credit card with Citi is designed to be a straightforward process. Just make sure you meet the eligibility requirements and have necessary information before you apply. Although Citi offers a number of balance transfer options, make sure to compare other offers on the market to make sure you’re applying for the right card for you.

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